(MENAFN - Arab Times) In a webcast attended by local and international analysts, award winning Jazeera Airways Group today announced a record net profit of KD 2.6 million for Q2 2012, making the quarter the company's eighth straight quarter of profitability since Q3 2010.
Q2' 2012 Financial Highlights:
l Q2'12 Revenue: KD 15.6 million, up 11.8 percent from Q2'11's KD 14 million
l Q2'12 Operating profit: KD 4.2 million, up 49.2 percent from Q2'11's KD 2.8 million
l Q2'12 Net profit: KD2.6 million, up 23.5 percent from Q2'11's KD 2.1 million
l Q2'12 Average yield: up 19.4 percent from Q2'11
H1' 2012 Financial Highlights:
l H1'12 Revenue: KD 28.3 million, up 11.8 percent from H1'11's KD 25.3 million
l H1'12 Operating profit: KD 6.4 million, up 39.9 percent from H1'11's KD 4.6 million
l H1'12 Net profit: KD 3.8 million, up 21.6 percent from H1'11's KD 3.3 million
l H1'12 Average yield: up 18.4 percent from H1'11
The results reflect the ongoing success of the Group's Strategic Master Plan (STAMP). STAMP is a business plan for the years 2012 to 2014 and follows the success of the Group's Turn-Around Plan (TAP) that brought the company back to profitability and was in effect from Q2 2010 to end of 2011.
Jazeera Airways Group Chairman Marwan Boodai said, "Our strong financial performance clearly demonstrates the agility of the company's business model, which continues to perform despite ongoing political turmoil in our region. Our outlook for the second half continues to be positive in-line with Kuwait's economy, which continues to witness higher incomes despite international and regional economic pressures."
The Group's forecasts for the rest of the year remain unchanged, as it expects a seasonal increase in demand in the third quarter, and a mild fourth quarter to close the year.
Operationally, Jazeera Airways' OTP for the second quarter was 94.21 percent, as measured by the US-based global OTP tracker FlightStats, who also placed the airline among the top ten on-time performers worldwide for the same period. Previously, FlightStats had also ranked Jazeera Airways as the leading airline in OTP in the Middle East in Q1 2012 and in all of 2011 as well.
Established in 2005, Jazeera Airways Group is a Kuwait Stock Exchange-listed with a fleet of 12 fully owned Airbus A320s, distributed between its airline business, Jazeera Airways, and its fully owned leasing-arm Sahaab Aircraft Leasing. Sahaab has assets placed with Virgin America, SriLankan Airlines, and Jazeera Airways.
The airline operates a two-class cabin comprising of a Business Class and an Economy Class. Jazeera Airways' Business Class offering includes a separate cabin for passengers, exclusive check-in counters, Business lounge access at airports, in-flight la carte menu, and 60 kilograms in free baggage allowance. The airline's Economy Class offers travelers free baggage allowance of 40 kilograms, free on-board meals with a changing menu every month, and year-round value fares.
Jazeera Airways is based in Kuwait and operates a network comprising high-demand business, leisure, family, and weekend destinations such as Dubai, Bahrain, Beirut, Alexandria, Amman, Damascus, Istanbul, Sharm El Sheikh, Assuit, Luxor, Mashhad, Sohag, Jeddah, Riyadh, Cairo and Al Najaf.
Jazeera Airways is an IATA-member airline and operates one of the youngest Airbus A320 fleets across the Middle East and North Africa.